Taylor Swift and Drake music giant files to list on US stock market
Summary
Universal Music Group (UMG), which owns record labels for artists like Taylor Swift and Drake, has filed to sell its company shares on the US stock market. The company is already valued at nearly €50 billion on the Dutch stock market. This move requires review by the US Securities and Exchange Commission (SEC).Key Facts
- Universal Music Group (UMG) owns record labels for artists such as Taylor Swift, Drake, Billie Eilish, Ariana Grande, and Harry Styles.
- UMG filed to list its shares on the US stock market, aiming to expand from its current listing in the Netherlands.
- The company is valued at approximately €50 billion, which is about $58.5 billion.
- Two major US stock indexes, S&P 500 and Nasdaq Composite, recently reached new highs.
- UMG filed a confidential statement with the US Securities and Exchange Commission (SEC).
- The size and financial goals of the US offering have not been disclosed.
- Confidential filings help companies discuss plans with regulators privately before publicly releasing details.
- Billionaire investor Bill Ackman has supported UMG’s decision to list on the US stock market.
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